Electrification
The World’s Largest Nickel Mining Companies
The World’s Top 10 Nickel Mining Companies
As the world transitions towards electric vehicles and cleaner energy sources, nickel has emerged as an essential metal for this green revolution.
Needed for the manufacturing of electric vehicles, wind turbines, and nuclear power plants, nickel is also primarily used to make stainless steel alloys more resistant to corrosion and extreme temperatures.
Using data from Mining Intelligence, this graphic shows the top 10 companies by nickel production along with their market cap.
The Biggest Nickel Miners by Production in 2020
Nickel has long been an important mineral for batteries, plating, and steelmaking, but it was only recently added to the USGS’s proposed critical minerals list.
As countries and industries realize the importance of nickel for the development of sustainable technologies, nickel mining companies will be at the forefront of supplying the world with the nickel it needs.
The 850 kt of nickel mined by the top 10 nickel mining companies is worth around $17.3B, with both production and price expected to grow alongside nickel demand.
Company | Market Cap | Production |
---|---|---|
Nornickel | $48B | 236.0 kt |
Vale | $59B | 214.7 kt |
Glencore | $64B | 110.2 kt |
BHP | $134B | 80.0 kt |
Anglo American | $50B | 44.0 kt |
South32 | $12B | 41.0 kt |
Eramet | $2B | 36.0 kt |
IGO | $5B | 30.0 kt |
Terrafame | n/a | 29.0 kt |
MCC | $5B | 29.0 kt |
Source: Miningintelligence.com, Yahoo Finance
Nickel and palladium miner and smelter Nornickel leads the list with 236 kt of nickel produced in 2020, the majority coming from its Norilsk division of flagship assets in Russia.
With 46% of Nornickel’s energy mix sourced from renewable power, the company is pushing the development of carbon neutral nickel, starting with reducing carbon dioxide emissions by 60,000-70,000 tons in 2022.
Vale follows closely behind in production and in its carbon footprint goals. The Brazil-based company’s Long Harbour processing plant in Newfoundland and Labrador produces nickel with a carbon footprint about a third of the industry average–4.4 tonnes of CO2 equivalent per tonne of nickel compared to Nickel Institute’s average of 13 tonnes of CO2 equivalent.
With the top two companies producing more than half of the nickel produced by the top 10 miners, their efforts in decarbonization will pave the way for the nickel mining industry.
The Need for Nickel in the Energy Transition
Alongside the decarbonization of the nickel mining process, nickel itself powers many of the technologies crucial to the energy transition. Vehicle electrification is highly dependent on nickel, with a single electric car requiring more than 87 pounds of nickel, making up almost 1/5th of all the metals required.
With a history of being used in nickel cadmium and nickel metal hydride batteries, nickel is now being increasingly used in lithium-ion batteries for its greater energy density and lower cost compared to cobalt. Alongside the increase in usage, not all nickel is suitable for lithium-ion battery production, as batteries require the rarer form of the metal’s deposits known as nickel sulphides.
The more common form of the metal, nickel laterites, are still useful in forming the alloys that make up the frames and various gears of wind turbines.
Nickel is also essential to nuclear power plants, making up nearly a quarter of the metals needed per megawatt generated.
The Future of Nickel Mining and Processing
With nickel in such high demand for batteries and cleaner energy infrastructure, it’s no wonder that global nickel demand is expected to outweigh supply by 2024. The scarcity of high grade nickel sulphide deposits and the carbon intensity to mine them has also incentivized the exploration of new methods of harvesting the metal.
Agro-mining uses plants known as hyperaccumulators to absorb metals found in the soil through their roots, resulting in their leaves containing up to 4% nickel in dry weight. These plants are then harvested and incinerated, with their ash processed to recover the nickel “bio-ore”.
Along with providing us with metals like nickel, lead, and cobalt through a less energy intensive process, agro-mining also helps decontaminate polluted soil.
While new processes like agro-mining won’t replace traditional mining, they’ll be a helpful step forward in closing the future nickel supply gap while helping reduce the carbon footprint of the nickel processing industry.
Electrification
Top 20 Countries by Battery Storage Capacity
China holds about two-thirds of global BESS capacity.

Visualizing the Top 20 Countries by Battery Storage Capacity
Over the past three years, the Battery Energy Storage System (BESS) market has been the fastest-growing segment of global battery demand. These systems store electricity using batteries, helping stabilize the grid, store renewable energy, and provide backup power.
In 2024, the market grew by 52%, compared to 25% growth in the EV battery market. Among the top companies in the BESS market are technology giants such as Samsung, LG, BYD, Panasonic, and Tesla.
This graphic highlights the top 20 BESS markets by current and planned grid capacity in gigawatt hour (GWh), based on exclusive data from Rho Motion as of February 2025.
Chinese Dominance
As with the EV market, China currently dominates global BESS deployments, accounting for approximately two-thirds of installed capacity. However, other markets are expected to grow significantly in the coming years, driven by low-cost lithium-ion cells and the expansion of renewable energy capacity.
Currently, China has 215.5 GWh of installed capacity and an ambitious 505.6 GWh project pipeline. The U.S. follows with 82.1 GWh installed and 162.5 GWh planned.
Top BESS Markets | Installed 2024 (GWh) | 2027P |
---|---|---|
🇨🇳 China | 215.5 | 721.2 |
🇺🇸 USA | 82.1 | 244.6 |
🇬🇧 UK | 7.5 | 56.3 |
🇦🇺 Australia | 5.6 | 102.9 |
🇨🇱 Chile | 3.8 | 41.0 |
🇮🇹 Italy | 2.2 | 7.9 |
🇸🇦 Saudi Arabia | 1.3 | 32.4 |
🇿🇦 South Africa | 1.3 | 9.4 |
🇮🇪 Ireland | 1.6 | 2.5 |
🇵🇭 Philippines | 1.0 | 6.1 |
🇯🇵 Japan | 1.0 | 5.0 |
🇩🇪 Germany | 1.0 | 6.2 |
🇰🇷 South Korea | 1.1 | 1.3 |
🇮🇱 Israel | 0.8 | 4.6 |
🇫🇷 France | 0.6 | 1.8 |
🇧🇪 Belgium | 0.7 | 5.3 |
🇺🇿 Uzbekistan | 0.6 | 5.9 |
🇸🇪 Sweden | 0.6 | 1.5 |
🇮🇳 India | 0.5 | 4.3 |
🇨🇦 Canada | 0.3 | 18.3 |
Canada is projected to be the fastest-growing market through 2027, with its cumulative capacity hitting 18.3 GWh—a significant increase from its current 0.3 GWh capacity.
Countries such as Australia (97.3 GWh pipeline), Saudi Arabia (31.1 GWh), and Chile (37.2 GWh) have relatively small current installations but plan substantial expansions. Within Europe, the UK leads with 7.5 GWh of installed capacity and 48.7 GWh in the pipeline, while Italy, Germany, France, and Belgium show steady but more modest growth.
Despite being technological leaders, Japan (4 GWh pipeline) and South Korea (0.3 GWh) have relatively low planned BESS expansions.
According to Rho Motion, China will remain the dominant player in 2027, but its share of the total market is expected to decline to just over 50% based on the current project pipeline.
While the BESS market is expanding, challenges remain, including grid connection bottlenecks and the development of revenue streams in emerging markets.
Electrification
Visualizing Chinese EV Market Share Overseas
Chinese brands accounted for 62% of global EV sales in 2024.

Visualizing Chinese EV Market Share Overseas
China is the undisputed global powerhouse of the EV industry, leading in both domestic sales and overall production. Chinese brands were responsible for 62% of EV global sales in 2024.
This graphic shows the presence of Chinese electric vehicles in other countries, considering total EV sales and market share. This data comes exclusively from Rho Motion’s EV Sales Quarterly Outlook, as of 2024.
Affordable EVs
As the global EV market has expanded, in 2024, over 17 million units were sold. Chinese manufacturers have aggressively pursued international opportunities, offering affordable vehicles that often undercut local competitors.
However, market access has varied significantly across regions. The U.S. and Canada are the only markets where Chinese-made EVs have no presence. The U.S. has taken a firm stance against Chinese EVs, imposing a 100% tariff in 2024, and more recently enacting laws banning Chinese technology in EVs on U.S. roads. Given its deep economic ties with the U.S., Canada followed suit with identical tariffs.
Country | Total EV Sales | Chinese Market Share |
---|---|---|
🇺🇸 U.S. | 1,540,354 | 0% |
🇩🇪 Germany | 577,630 | 4% |
🇬🇧 UK | 571,141 | 7% |
🇫🇷 France | 464,589 | 5% |
🇨🇦 Canada | 246,424 | 0% |
🇧🇪 Belgium | 192,560 | 3% |
🇳🇱 Netherlands | 190,784 | 6% |
🇸🇪 Sweden | 165,256 | 5% |
🇳🇴 Norway | 126,088 | 9% |
🇧🇷 Brazil | 125,624 | 82% |
🇪🇸 Spain | 122,375 | 10% |
🇮🇹 Italy | 121,889 | 6% |
🇯🇵 Japan | 114,129 | 2% |
🇦🇺 Australia | 113,511 | 26% |
🇮🇳 India | 104,426 | 23% |
🇩🇰 Denmark | 103,202 | 8% |
🇲🇽 Mexico | 95,282 | 70% |
🇹🇭 Thailand | 77,250 | 77% |
🇵🇹 Portugal | 72,070 | 8% |
🇮🇱 Israel | 69,595 | 64% |
🇨🇭 Switzerland | 68,407 | 1% |
🇦🇹 Austria | 63,717 | 11% |
🇮🇩 Indonesia | 43,202 | 75% |
🇫🇮 Finland | 37,881 | 2% |
🇮🇪 Ireland | 30,105 | 9% |
🇸🇬 Singapore | 29,521 | 26% |
🇲🇾 Malaysia | 21,798 | 52% |
🇳🇵 Nepal | 12,705 | 74% |
🇳🇿 New Zealand | 10,027 | 15% |
🇨🇱 Chile | 5,604 | 42% |
Europe, by contrast, has been more open to Chinese EVs but remains cautious about protecting its domestic automotive industry. In 2024, following an anti-subsidy investigation, the EU introduced variable BEV import tariffs on specific Chinese automakers of up to an additional 35.3%.
Meanwhile, in countries without a strong domestic auto industry, Chinese EVs have rapidly gained market share. This is especially evident in neighboring Asian countries and in South and Central America, where Chinese manufacturers are expanding aggressively by beginning to build production capacity and capitalizing on the demand for affordable electric vehicles.
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